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Britain’s richest households have each reaped a £215,000 windfall as a result
of the billions in new money created since the global crash, a former Bank
of England economist claims today.

Since 2008 the Bank has pumped an additional £375 billion into the economy in
so-called quantitative easing. The new money — used to buy bonds — was
supposed to raise asset prices, making it easier for firms to borrow and
invest.

Instead, it has disproportionately benefited the wealthy, distorting the
economy as a result, while driving down the buying power of ordinary
workers’ pension pots, claims Rob Thomas, a former Bank